Priceline Low Price Guarantee-Does this exist?

[coastalp]

Let's say I got a "name your own price" 4* hotel for 4 nights at $60 for a specified 4 night period.

A couple weeks later, if I were to rebid the same area/4* and for same time period and I were to get a room for $50 instead, would this "trump" my $60 night reservation?

[Colfax]

Priceline's Best Price Guarantee only applies to lower rates you find within 24 hours of your accepted bid.

[thereuare]

It's also based upon finding a lower rate thru conventional booking channels... not if you win a lower bid than you had previously.

Here are the full terms: http://travel.priceline.com/hotels/hotels_guarantee.asp